You may think a multi-million dollar lawsuit could never come your way, but you’d be wrong.
Hundreds of thousands of lawsuits are filed each and every year. We’re living in a hot time for litigation, and the number of claims brought to court has been skyrocketing. You probably know that your business could face a lawsuit, but do you know how serious it could be? A multi-million dollar lawsuit might sound far-fetched, but it’s really not if you look at the numbers.
It’s not uncommon for a basic slip-and-fall case to come out with a judgment of over $100,000. Car accidents resulting in fatalities often exceed the $1 million mark, and even extreme dog bite incidents have seen judgments come down at seven figures!
These are just basic civil suits. When it comes to your business, the risks are broader – as is the risk for a bigger expense. About 10 percent of wrongful termination and discrimination cases result in a settlement over $1 million. This is especially troubling when you consider that 2/3 of cases are ruled in the plaintiff’s favor. Do you want to play those odds?
We’ve only talked about employee suits so far, too! What happens if your product malfunctions and dissatisfied customers join up to bring you to court? The cost will be staggering. Are you ready to handle it?
Fortunately, you don’t have to be! With liability insurance in place, your coverage can pick up the tab for legal expenses and, if it comes to it, the settlement.
Do you have the liability insurance you need to protect your business from a multi-million dollar lawsuit? Make sure you do by contacting the experts at Nahai Insurance Services. We can assess your unique business and its unique risks, then craft you the right liability coverage so you can have the protection you need at the premiums you deserve.